Suppose the demand function for a product is given by the function: D ( q ) = − 0.02 q + 80 D ( q ) = - 0.02 q + 80 Use integration (or other appropriate methods) to find the following: (Do no rounding of results until the very end of your calculations. At that point, round to the nearest tenth, if necessary. It may help you to sketch the demand curve, which crosses the horizontal at q = 4 , 000 q = 4 , 000 .) A) The total actual revenue for q = 3 , 350 q = 3 , 350 units: Answer 1: B) The total possible revenue (for all quantities and prices): Answer 2: C) The Consumer's surplus corresponding to q = 3 , 350 q = 3 , 350 units: Answer 3: D) The "Not Sold" value corresponding to q = 3 , 350 q = 3 , 350 units: Answer 4
Suppose the demand function for a product is given by the function: D ( q ) = − 0.02 q + 80 D ( q ) = - 0.02 q + 80 Use integration (or other appropriate methods) to find the following: (Do no rounding of results until the very end of your calculations. At that point, round to the nearest tenth, if necessary. It may help you to sketch the demand curve, which crosses the horizontal at q = 4 , 000 q = 4 , 000 .) A) The total actual revenue for q = 3 , 350 q = 3 , 350 units: Answer 1: B) The total possible revenue (for all quantities and prices): Answer 2: C) The Consumer's surplus corresponding to q = 3 , 350 q = 3 , 350 units: Answer 3: D) The "Not Sold" value corresponding to q = 3 , 350 q = 3 , 350 units: Answer 4
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
ChapterB: Differential Calculus Techniques In Management
Section: Chapter Questions
Problem 5E
Related questions
Question
Suppose the demand function for a product is given by the function:
D
(
q
)
=
−
0.02
q
+
80
D
(
q
)
=
-
0.02
q
+
80
Use integration (or other appropriate methods) to find the following:
(Do no rounding of results until the very end of your calculations. At that point, round to the nearest tenth, if necessary. It may help you to sketch the demand curve, which crosses the horizontal at
q
=
4
,
000
q
=
4
,
000
.)
A) The total actual revenue for
q
=
3
,
350
q
=
3
,
350
units:
Answer 1:
B) The total possible revenue (for all quantities and prices):
Answer 2:
C) The Consumer's surplus corresponding to
q
=
3
,
350
q
=
3
,
350
units:
Answer 3:
D) The "Not Sold" value corresponding to
q
=
3
,
350
q
=
3
,
350
units:
Answer 4
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